Global supply chains face significant risks following the blockade of the Strait of Hormuz:
In the latest development, Iran has announced the blocking of all its oil exports via the Strait of Hormuz, exacerbating the energy crisis. Speaking on March 2 on the state television channel IRIB, Ebrahim Jabbari, senior advisor to the commander-in-chief of the Islamic Revolutionary Guard Corps (IRGC), declared that the Strait of Hormuz was now closed and stated that the country’s armed forces would take firm action against any oil tanker attempting to cross it.
The Brent surpasses $85 per barrel for the first time since July 2024:
Crude oil prices surged on March 3 in London due to supply disruptions caused by the conflict in the Middle East. Essential maritime routes, including the Strait of Hormuz, have been closed and energy infrastructure has been attacked. The North Sea Brent rose by over 8% to reach $85.12 per barrel, its highest level since July 2024. Meanwhile, the American WTI gained over 7% to settle at $76.47 per barrel.
Explosion of airfare prices on Asia-Europe routes:
Airfares for travel between Asia and Europe are soaring due to the closure of several major airport platforms in the Middle East due to the conflict between the United States, Israel, and Iran. Many popular routes are facing a ticket shortage. Booking sites have been fully booked for several consecutive days. Dubai, the world’s busiest international airport, which usually handles over 1,000 flights per day, has been closed for the fourth consecutive day since March 3.
Middle East conflict and economic impact: risk of a gas crisis in Europe:
According to the French newspaper La Tribune on March 2, the escalation of tensions in the Middle East increases the risk of a new gas crisis in Europe, following Qatar Energy’s announcement of a temporary suspension of its production of liquefied natural gas (LNG) due to drone attacks. This information immediately sparked a strong market reaction, with gas prices in Europe rising by over 50% in a short period of time.
The ECB warns of an energy shock in the Middle East that could seriously impact the eurozone:
The European Central Bank (ECB) has warned that a prolonged conflict in the Middle East and a continuous decline in energy supplies could lead to a surge in inflation in the eurozone and affect economic growth. According to the ECB, the extent of the impact and its medium-term inflation consequences will depend on the scale and duration of the conflict.
China reduces its imports of Iranian oil:
According to data from Kpler, a maritime traffic monitoring company, China is currently building significant crude oil stocks. The country has gradually reduced its imports of Iranian oil since the beginning of 2026, while increasing those from Russia, just before the escalation of the conflict in the Middle East last weekend. In 2025, Iran exported 520 million barrels of crude oil to China.
The strongest appreciation of the yuan in 10 months:
The yuan (CNY) experienced a sharp rise on March 3 after the People’s Bank of China (PBC, the central bank) signaled its support for the upward trend by adjusting its daily reference exchange rate. This decision came just before the National People’s Congress. During the morning session on March 3, the CNY on the domestic market rose by 0.5%, reaching 6.8750 CNY/USD. This was the strongest daily rise of the CNY since May 12, 2025.
Chinese trade reaches record growth before the outbreak of the conflict in the Middle East:
China’s trade activity saw a sharp increase, surpassing the record from 2025 in the weeks leading up to the start of the conflict in the Middle East. However, analysts warn that escalating tensions threaten to further disrupt global trade flows. Data released by the Chinese Ministry of Transport on March 2 showed that more than 59 million containers passed through the country’s ports in the first nine weeks of 2026, an increase of over 12% compared to the same period last year.
Source: https://baotintuc.vn/kinh-te/diem-tin-kinh-te-the-gioi-noi-bat-ngay-332026-20260303210412132.htm
